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Pros and Cons of Boca Raton Condos

The Pros and Cons of Buying Condos
By Krista T. Collins

Condominiums and townhouse offer an affordable option to single-family homes in most areas. But consider these facts before you buy.

When you buy a condo, you do not own the land beneath the building, you simply share an interest in it. Instead, you own the space between the walls of your unit, and share ownership of the common areas with other owners.

Storage. Some condos have storage lockers, but usually there are no attics or basements to hold extra belongs.

Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you hate yard work, this may be perfect option for you.

Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.

Maintenance. Many condos have on-site maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home.

Security. Many condos have keyed entries and or even doormen. Plus, you’ll be closer to other people in case of an emergency.

Community living: Shared walls and common areas mean that you are more likely to hear your neighbors or run into them more often. Also, as part of the homeowner’s association, you will have to coordinate with neighbors to come to decisions regarding the common areas

Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees agreed to by the condo board, whether or not you’re interested in the amenity.

Resale. The ease of selling your unit is more dependent on what else is for sale in your building, since units are usually fairly similar. Single-family homes are usually more individual, so even if there are others for sale in your area, they probably won’t be exactly like yours.

Freedom. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.

Resale: Condominiums are more sensitive to trends in the real estate market than single-family homes. If the market takes a downturn, condos are usually the first to suffer and the last to recover

Proximity. You’re much closer to your neighbors in a condo or town home. Look at profile of other owners be sure you’ll be comfortable. If possible, try to meet your closest prospective neighbors.

If you are in the market for a Boca Raton waterfront condo, please contact us today.

Article Written by: Krista Collins
Licensed Realtor in Delaware specializing in helping people buy their homes
http://www.themoveyouwant.com

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